As the OECD’s Pillar Two reform takes effect globally, multinational companies are facing a significant operational challenge. James Badenach, head of A&M's Asia Pacific Tax practice, was recently featured in an exclusive interview with International Tax Review where he discusses how businesses are preparing for the new rules by focusing on data gathering and financial reporting to ensure compliance. “There’s a lot going on [with] pillar two," Badenach says "And our clients are really getting ready operationally more than anything else. That’s the main crux of it.”
While countries like Japan, South Korea, Australia and Vietnam are ahead in implementing Pillar Two, China and India are taking a more cautious approach. These countries, Badenach says, already have established or draft laws around pillar two. But “the elephants in the room” are China and India, he argues. “There isn’t really huge impact for India it seems. And I think they’re taking a wait and see approach.
Despite this, Badenach notes that there’s enough momentum in other regions for companies to begin preparing for the changes. He emphasizes the importance of readiness in addressing the complexities of Pillar Two and staying ahead of evolving regulations.
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